Where can AI accelerate IPO preparation, and where is human judgment most important?

CFO of Carta, Charly Kevers, shares his take on when to use AI before going public, what questions

CEOs should ask their CFOs sooner and why keeping employees focused on the business is the best

IPO preparation companies can do. Plus, what an IPO means to him. Hint: It’s not an exit.

This is Invested at Work: Off the Cuff. Rapid-fire questions and candid answers to meet the leader behind

the title.

To hear the full story of how Charly supports clients in navigating the human and financial side of major

liquidity events, check out his full interview with host Rodney Bolden, available right now in your feed.

For more conversations on the future of workplace financial benefits, make sure to follow or subscribe to

Invested at Work. Share this episode with a colleague, and visit us at morganstanley.com/atwork to

unlock the power of your organization's benefits.

Visit Carta.com for private market financial infrastructure solutions.

Visit MorganStanley.com/atwork for more insights on workplace financial benefits.

Invested at Work is brought to you by Morgan Stanley at Work, hosted by Rodney Bolden. Our executive

producers are Fiona Kelsey and Lisa Boyce, and our associate producer is Ive Jones. Our production

partner is Sequel Media Inc.

Disclosures:

This material is for informational and educational purposes only. It is not individually tailored investment, legal or tax

advice; a recommendation to buy, sell, hold or transact in any security or strategy; or an offer or solicitation.

The guest speaker is not an employee of or affiliated with Morgan Stanley Smith Barney LLC (“Morgan Stanley”). The

speaker’s opinions are solely their own and do not necessarily reflect Morgan Stanley’s views. Morgan Stanley does

not represent that the speaker’s information is accurate or complete, and the speaker received no compensation.

References to Carta or any other company, product or service are informational only and are not an endorsement,

recommendation or sponsorship by Morgan Stanley. Morgan Stanley is not responsible for third-party products,

services, content or information.

Discussions of IPOs, liquidity events, M&A, equity compensation, stock options, RSUs, 409A valuations and related

topics are general. Availability and consequences vary by company facts, plan documents, terms and law. Liquidity

events are not guaranteed, and timing, valuation, tax treatment and outcomes are uncertain.

Private company securities are often illiquid, subject to transfer restrictions and difficult or impossible to value or sell.

Equity compensation involves risk and may not result in value. Vesting, exercise, expiration, forfeiture, dilution and

tax rules may materially affect value. Investing involves risk, including possible loss of principal. Past results do not

guarantee future results.

Output from Artificial Intelligence-(AI) supported tools may contain inaccuracies, omissions, or bias and should be

independently reviewed and verified before use.

Morgan Stanley and its affiliates do not provide legal, accounting or tax advice. Tax considerations depend on

individual circumstances. Consult your legal, accounting and tax advisors.

Morgan Stanley at Work and Shareworks services are provided by Morgan Stanley Smith Barney LLC, Member

SIPC. Employee stock plan solutions are offered by E*TRADE Financial Corporate Services, Inc., Solium Capital

LLC, Solium Plan Managers LLC and MSSB.

© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.

CRC 5968915 10/2026

When you think of "investors," you probably imagine private equity firms, angel investors or major sources of external funding. But what about your employees? For Charly Kevers, CFO of Carta, equity-holding employees are investors, and getting their buy-in is essential for long-term growth.

In this episode of Invested at Work, Charly and host Rodney Bolden discuss the “investor mindset” and how it informs everything from daily work to IPO preparedness to talent acquisition. Charly also shares hot tips for IPO readiness and why it should begin years before picking an investment banker.

Charly Kevers is the CFO of Carta, the financial infrastructure platform for private capital, where he is responsible for leading cross-functional teams overseeing finance, accounting, treasury, risk and investor relations. Prior to Carta, Charly held leadership roles at LendingClub, Salesforce, and Hewlett Packard.

Visit Carta.com for private market financial infrastructure solutions.

Visit MorganStanley.com/atwork for more insights on workplace financial benefits.

Invested at Work is brought to you by Morgan Stanley at Work, hosted by Rodney Bolden. Our executive producers are Fiona Kelsey and Lisa Boyce, and our associate producer is Ive Jones. Our production partner is Sequel Media Inc.

#investedatworkpodcast #employeebenefits #workplacebenefits #sharemorganstanley

Disclosures:

This material is for informational and educational purposes only. It is not individually tailored investment, legal or tax advice; a recommendation to buy, sell, hold or transact in any security or strategy; or an offer or solicitation.

The guest speaker is not an employee of or affiliated with Morgan Stanley Smith Barney LLC (“Morgan Stanley”). The speaker’s opinions are solely their own and do not necessarily reflect Morgan Stanley’s views. Morgan Stanley does not represent that the speaker’s information is accurate or complete, and the speaker received no compensation.

References to Carta or any other company, product or service are informational only and are not an endorsement, recommendation or sponsorship by Morgan Stanley. Morgan Stanley is not responsible for third-party products, services, content or information.

Discussions of IPOs, liquidity events, M&A, equity compensation, stock options, RSUs, 409A valuations and related topics are general. Availability and consequences vary by company facts, plan documents, terms and law. Liquidity events are not guaranteed, and timing, valuation, tax treatment and outcomes are uncertain.

Private company securities are often illiquid, subject to transfer restrictions and difficult or impossible to value or sell. Equity compensation involves risk and may not result in value. Vesting, exercise, expiration, forfeiture, dilution and tax rules may materially affect value. Investing involves risk, including possible loss of principal. Past results do not guarantee future results.

Output from Artificial Intelligence-(AI) supported tools may contain inaccuracies, omissions, or bias and should be independently reviewed and verified before use.

Morgan Stanley and its affiliates do not provide legal, accounting or tax advice. Tax considerations depend on

individual circumstances. Consult your legal, accounting and tax advisors.

Morgan Stanley at Work and Shareworks services are provided by Morgan Stanley Smith Barney LLC, Member SIPC. Employee stock plan solutions are offered by E*TRADE Financial Corporate Services, Inc., Solium Capital LLC, Solium Plan Managers LLC and MSSB.

© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.

CRC 5968915 10/2026

How can equity compensation leaders get legal and compliance to say yes to creative ideas?

Rachel Ulep has answers.

As eBay’s Director of Global Stock and Equity Programs, Rachel has revamped eBay’s approach to employee education and training by injecting whimsy and creativity. Find out how she got her wider team on board with developing employee-facing AI agents and gamifying compliance training with collectible trading cards.

This is Invested at Work: Off the Cuff, where leaders reveal the joys and challenges of managing total rewards strategies and scaling businesses, and share who they are beyond their job titles.

To hear the full story of how Rachel is injecting creativity into compliance training and equity compensation education for eBay’s 12,000 global employees, check out her full interview with host Rodney Bolden, available right now in your feed.

For more conversations on the future of workplace financial benefits, make sure to follow or subscribe to Invested at Work. Share this episode with a colleague, and visit us at morganstanley.com/atwork to unlock the power of your organization's benefits.

Invested at Work is brought to you by Morgan Stanley at Work, hosted by Rodney Bolden. Our executive producers are Fiona Kelsey and Lisa Boyce, and our associate producer is Ive Jones. Our production partner is Sequel Media Inc.

#investedatworkpodcast #employeebenefits #workplacebenefits #sharemorganstanley

This material has been prepared for educational purposes only. The guest speakers are neither employees of nor affiliated with Morgan Stanley Smith Barney LLC, otherwise known as Morgan

Stanley. The opinions expressed by our external guests are solely their own and do not

represent the views of Morgan Stanley. Please see our show notes for a full disclaimer on the

information provided.

© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.

CRC# 5758345 07/2026

Full Disclosures:

This podcast is for educational and informational purposes only and is not an offer, solicitation, recommendation, or advice to buy or sell any security, financial instrument, product, or service. It is not individualized investment, financial planning, legal, tax, accounting, benefits, or other professional advice. Morgan Stanley Smith Barney LLC, its affiliates, Financial Advisors and Private Wealth Advisors do not provide tax or legal advice; consult your own qualified advisors.

Guest speakers are not compensated by, employed by, or affiliated with Morgan Stanley Smith Barney LLC, Morgan Stanley at Work, or their affiliates, unless stated. Their views are their own and do not necessarily reflect those of Morgan Stanley. eBay is not affiliated with Morgan Stanley. References to eBay and related examples are illustrative only and do not imply endorsement, approval, recommendation, or validation.

Morgan Stanley makes no representation or warranty regarding third-party statements or examples, including accuracy or suitability. Examples may not be appropriate or available for all companies, employees, jurisdictions, plans, or circumstances. Applicable official documents and employer materials control in any conflict.

Investing involves risk, including possible loss of principal. Company stock and equity compensation values may fluctuate; concentrated employer stock positions may involve additional risks. Past performance, survey findings, metrics, outcomes, and program results are not guarantees or predictions and may not be representative.

AI tools may produce inaccurate or inappropriate responses and should be subject to governance, oversight, security, privacy, compliance, and risk controls. Trademarks and brand references are the property of their owners and used for identification only.

Morgan Stanley at Work services are provided by Morgan Stanley Smith Barney LLC, member SIPC, and/or its affiliates.

©2026 Morgan Stanley Smith Barney LLC. Member SIPC.

CRC# 5758345 07/2026